Tronox -2.8% as Exxaro launches 16M-share secondary offering

|About: Tronox Holdings plc (TROX)|By:, SA News Editor

Tronox (NYSE:TROX) -2.8% after-hours as it confirms that Exxaro Resources (OTCPK:EXXAY) plans a secondary offering of 16M common shares, with an underwriters option to purchase up to 2.4M additional shares.

The selling shareholder will receive all net proceeds from the offering.

If the offering is completed, Exxaro's ownership in TROX would be reduced to 29.4%, assuming no exercise of the underwriters option, and its right to nominate directors to TROX's board would drop to two members from three members currently.

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